What Is a Business Model, and How Do You Pick the Right One for You?

"A business model is an outline of how a company plans to make money with its product and customer base in a specific market. At its core, it explains what product or service a company will sell, how it intends to market that product or service, what kind of expenses it will face, and how it expects to turn a profit," writes Meridith Wood in an article at Fundera.com.

"Because there are so many types of businesses out there, business models are constantly changing; there is no one-size-fits-all model that can be applied to every business. For this reason, it’s imperative to understand how your business makes money — and enough of it to remain profitable after costs are factored into the equation.

"To learn more about the different types of business models and how you can apply them to your own business, jump down to our infographic, or keep reading to learn more about the components of a business model."